June 10, 2020
India is gradually realizing the importance of
education. Therefore, student loan facilities are also increasing far and wide.
However, the exact procedure to procure the known is yet unknown by the
majority of people.
Either because of excessive documentation or due to
insufficient knowledge, majority of the students fail to acquire an education loan
from the governmental Financial Institutions.
Here we have got to explain the
exact steps and methods that you need to follow for preparing student loan in
order to have a better future.
Financial institutions offer personal loans
to help students in excelling in their education. A personal loan can be used
for traveling, books, accommodation, and other expenses. In order to avail a
personal loan, you should have a regular source of income in a normal scenario
.
Exceptionally if you do not have a job, You can attach the request of your
spouse or parent as a co-applicant. This will help you to get the loan
approved without managing the necessary documentation. Personal loans for
students in India are unsecured.
Therefore, it can be availed without offering
any collateral in return.
What is the exact eligibility criteria for procuring personal loans for Indian students?
If you are looking forward to availing a personal
loan for receiving higher education within India or Out boundaries, you need Parents or spouse as the
co-applicant.
What is the minimum interest rate for student loans?
Normally, the rate of interest for the student
loan starts from 11.75% per annum. the general eligibility criteria include -
●
The application should belong to
the age group of 16-35
●
The source of income for
co-applicant should meet the minimum threshold specified by the financial
institution.
●
You need to provide collateral
security in case the amount of loan is more than a particular limit. Income
proof of guardian
●
Identity proof, age proof, address
proof of the applicant and the co-applicant.
●
Income proof of guardian
●
Copy of passport or visa
Here are the exact steps that you need to take
for acquiring a personal loan for students in India
Figure out your expenses
Until and unless you know what exact expenses
you will be required to bear during the education tenure, traveling, moving
and studying, it is difficult to move ahead with the application process.
You
should get complete detail about the country or state in which you are
planning to go for higher education.
Check the eligibility criteria
Apart from finding out the eligibility
criteria for procuring the personal loan, you should also find out whether you
are fit for acquiring a particular field of education or not.
You should have
all the documents already prepared and everything should seem at a manageable
level . you can compare different financial institution for acquiring
cheaper loans.
Repayment tenure
Much before you opt for a personal loan, you
should know when can you provide it back . Always have a realistic approach
according to your earnings .
Go for EMI options and have a talk with your
family so that things can be comfortably and affordably managed.
File your application
You need to come up with minimal documentation
is required by the financial institution in order to get your loan approved .
Follow the exact process For loan approval either through the net banking
interface or via mobile application . There are multiple ways to apply for a
student loan .
You can also submit an application in the nearby branch and
expect the application work to be completed in the minimal working days .
Carefully use the funds
Take care of your expenses and use each penny
very judiciously . Education is definitely an exciting journey but it should
also comes up with a lot of blunders.
You do not get bewildered anywhere .
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Important: Please always Check and Confirm the above details with the official website /Organisation/ Institute / Department and Official Advertisement / Notification